The United Kingdom and the European Union Trade relationship: Political

Environmental Effect on International Trade

International Business

Module Leader

4257

(J Number)

1
 Table of Contents

1. Introduction…………………………………………………………………………………………………..2
2. UK-EU relationship…………………………………………………………………………………………2
2.1. Covid-19 and political environment of UK……………………………………………..5
2.2. Covid-19 and Automobile Industry of UK ……………………………………………..5
2.3. Government's strategy for assisting foreign companies ……………………….6
2.4. Challenges for UK-EU trade…………………………………………………………………..7
2.4.1. A problem with customs…………………………………………………………7
2.4.2. Increased trade restrictions…………………………………………………….7
2.4.3. The difficulties faced by the workforce……………………………………8
2.5. UK and EU trade……………………………………………………………………………………8
2.6. UK automobile industry and the EU………………………………………………………9
2.7. Brexit and Car Manufacturing Industry of the UK………………………………….10

3. Conclusion and recommendations………………………………………………………………..12

3.1. Conclusion……………………………………………………………………………………………12

3.2. Recommendations……………………………………………………………………………….12

References……………………………………………………………………………………………………..14

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1. Introduction
More than any other trend, globalisation and technology advancements have transformed the
landscape of international business (Cavusgil, Knight & Riesenberger, 2019). Modernization,
industrialization, and economic growth are the trends which compelled many emerging
countries to turn from manufacturers of low-value items, such as electronics and computers, to
producers of higher-value goods, such as semiconductors and smartphones. In terms of global
business, a international business is influenced by political and legal risks (Cavusgil, Knight &
Riesenberger, 2019). Businesses between the countries are influenced by the head of the
state’s visits (Aleksanyan et al., 2021). As the head of the state’s visit politically facilitate the
business activities among the countries in terms of mergers and acquisitions or breaking
business deals etc. In this regard the current assignment aims to critically evaluate the internal
political landscape of a country that how its political environment affects the foreign business.
For this reason, the United Kingdom (UK) has been selected as a country European Union (EU)
as a regional trading block. Furthermore, it is also assessed that how the UK government is
maintaining the business ties with the European union to support its business and which
challenges the UK faces during the business with the EU. Besides international business and
trade of UK with EU, the automobile industry of the UK has been discussed for evaluating the
political environmental effects on its exports and imports to the EU. In terms of Brexit the UK
economy is facing negative affects so far, its automobile industry is concerned. The last section
the of the assignment is comprised of a comprehensive conclusion followed by some
recommendations which are brought forwarded for the UK government as policy guidelines for
the betterment of the automobile industry through resolving the issues it faces.

2. UK-EU relationship

The 'national business model,' as it is known in the UK, is the foundation of the country's
economy. The open and loosely regulated international financial services center in the City of
London is one of the hallmarks of the UK's business model. This includes a highly flexible labour
market, which is characterised by low employment safeguards, high levels of unusual working
conditions, and constrained pay increases. Capital markets are accessible to foreign investors,
and the UK's tax policy is favourable for those from outside the country. This is part of the
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country's business model. Leaving the European Union is expected to have a significant effect
on this business model. UK capitalism has been supported and fortified by its participation in
the European Union (EU) as well as the European Single Market (ESM). The 'passport' for
financial services afforded to UK enterprises by membership in the trade bloc allowed them to
operate in a fully integrated economic region with few non-tariff obstacles. As a consequence,
roughly half of all UK exports went to the EU during this time period, and firms in the UK
increasingly relied on EU supply networks for components. The UK's participation in the
European Union's Single Market resulted in a rise in inbound foreign direct investment (FDI) in
the UK (Dhingra et al., 2016). 'Europe's investment banker' gained a de facto title for the UK as
well (Carney, 2017). Meanwhile, the UK's "flexible" labour market framework was spared by
transnational "social" laws. The UK's labour market was largely free of cumbersome social and
employment laws as economic integration developed (Scharpf, 2010). As a result, the UK has
one of the lowest levels of job protection in the OECD, despite the fact that the EU social and
employment policy is rising. Do you think Brexit will deepen, transcend, or reconfigure the
national business model of the United Kingdom? Brexit and the future of British capitalism
hinge on the answers to these issues. At once vibrant and chaotic, the national business model
of the United Kingdom High levels of employment, huge amounts of FDI, and rapid growth in
recent years have been connected with it. Inequality in wealth and income, as well as unstable
labour conditions and glaring regional disparities, are all the result of this system.
Internationalization and lax regulation of the UK's financial industry constitute a constant
danger to financial stability on a national level as well (Christensen et al., 2016). As a result,
scholars, officials, and residents alike are concerned about the potential effect of Brexit on the
country's national business model.

As a result of the UK's continued membership in the EU, the Brexit vote has had minimal
influence so far. It is anticipated that Brexit would have long-term detrimental effects on
commerce and foreign investment. Clearly, there is a great deal of ambiguity around the
consequences of Brexit, not to mention what will happen when the UK leaves the EU. GDP was
anticipated to be 3-6 percent lower by Treasury predictions before the vote, depending on the
eventual settlement's form (HM Treasury, 2016). Most estimates predicted comparable losses,

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with others warning that a 'hard' Brexit in the order of 6% to 10% of GDP may lead to much
bigger losses (e.g. Van Reenen, 2017). Extending beyond its immediate effect on income, the
loss of trade and inward investment is likely to have a significant impact on productivity growth
in the wake of the UK's poor performance during the 2007/08 financial crisis. Several analyses
have pointed out shorforietcomings in the Treasury's conclusions, notably as an assessment of
the United Kingdom's probable situation (cf. Gudgen et al., 2017).

2.1. Covid-19 and political environment of UK

Every element has been affected by the COVID-19 epidemic, including politics and policy.
COVID-19 has gained precedence over issues like as Brexit, trade agreements, and policy
development (Little, 2021). Overwhelmingly new COVID-19 policy and guidelines, as well as
massive government-backed financial support packages, have been released in response to the
crisis and sectors in need. Consultations as well policy development have been halted. New
COVID-19 specific policies and procedures, as well as substantial government financial
assistance packages, have been made public. COVID-19 management, its impact on the
economy, and the path to social and economic recovery remain the focus, even though there
are some signs that "business as usual" worries are returning. It is pertinent to mention that
there will be long-term effects on the worldwide business strategies of giant MNEs as the
pandemic changes the global economic structure and functioning (Verbeke & Yuan, 2021).
As a result of the COVID-19 situation, the Government has entered into a serious and long-
lasting crisis. For the most part, the government fared well throughout the hurricane. The Prime
Minister and lockdown garnered considerable public support when it was originally announced.
The Prime Minister's illness, of course, had not yet occurred at this time. Central management's
absence grew more and more obvious.

The government is under increasing fire for the timing of its announcement of lockdown
measures, the healthcare system's lack of pandemic readiness, and its inability to appropriately
safeguard society's most vulnerable citizens. Coronavirus crisis surveys currently suggest that
public approval for the government's handling of the issue has declined significantly.

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2.2. Covid-19 and Automobile Industry of UK

Companies and their executives fought to preserve themselves, their employees, and supply
chains after the first shock of COVID-19 and worldwide lockdowns. They are attempting to
figure out how to go back to normal as the globe is still reeling from the impact of the
coronavirus. Uncertainty is unprecedented in modern times for so many businesses. Mobility
players in the United Kingdom (UK) were in a tough position when COVID-19 was released.
Brexit's rules and tariffs were being negotiated in January 2020, and trade connections across
the world were in disarray. Robotics and artificial intelligence were among the emerging
technology that were causing havoc in the industry. In the meanwhile, long-standing demand
patterns were being altered by shifting consumer tastes, increasing environmental awareness,
and the rise of shared mobility. In the face of dwindling revenues, rising R&D expenditures, and
increasing tariffs, Original Equipment Manufacturers (OEMs) were under significant financial
pressure towards the end of 2013. Since 2018, global OEM profit margins have dropped by six
percentage points (Hertzke, Middleton, Neu & Weaver, 2021).

This implies that covid-19 along with Brexit has posed serious threats to the UK automobile
industry. Although the industry witnessed a boom earlier as described by the Hertzke et al
(2021) that there was a lot of optimism about the UK's mobility market before COVID-19. Only
the United States ($84 billion) and China ($51 billion) have received more capital from investors
since 2010, with a combined total of $34 billion going to UK-based mobility firms. The number
of passenger-miles driven by vehicle, van, and taxi in the United Kingdom has increased by
roughly 0.5 percent yearly during the last several years.

The below figure 3 show how UK manufacturing industry suffers in 2020 due to covid-19
pandemic.

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Fig.3. UK Car Manufacturing Industry

Source: www.statista.com (2020)

2.3. Government's strategy for assisting foreign companies

Foreign trade is of utmost important to the United Kingdom's economic well-being (Gifford,
2016). The government has been a strong advocate for international trade organisations like
the World Trade Organization and the European Union (Yang, 2010). Because of their
dependence on international trade, the British have few restrictions on foreign trade and
investment. A majority of the country's 500 biggest firms are American (Rugman, 2005). The
European Union is the UK's most important trading partner. Exports to EU countries account for
58% of total exports from the United Kingdom. Germany, France, and the Netherlands account
for 32%, 32%, and 8%, respectively, of total exports. The European Union accounts for 53% of
British imports (Sampson, 2017). Foreign direct investment (FDI) is, of course, an alternate
approach for foreign market access. However, this is not the primary focus of the majority of
exporting publications. Explicit mentions of a market entrance plan are few, as seen by the
data. Licensing and subcontracting, an alternative to foreign direct investment, have received
little attention as well (Buckley & Casson, 2021).

In light of the strong pound and healthy economy, the United Kingdom has become a popular
choice for international investors. The Kingdom of Saudi Arabia is the second-largest

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investment destination in the world. The United Kingdom receives almost a third of the EU's
foreign investment. When it comes to imports and exports, the United Kingdom has
experienced a trade imbalance for many years. US$35 billion (1.5 percent of GDP) was the trade
deficit in 1998. This deficit is still being paid for by new investment funds, which surpass the
money that the Kingdom loses as a consequence of its trade imbalance, due to the Kingdom's
appeal to investors throughout the world.

The British government has implemented a number of initiatives aimed at luring international
companies and investors to the country. Local and regional administrations, for example, may
create economic zones under Parliamentary authority. Property tax breaks and
reimbursements for the expenses of building new factories and commercial premises are
available in these zones. It is possible to prolong these incentives for up to ten years. "Assisted
Regions" are also schemes that encourage businesses to establish in economically challenged
metropolitan areas. These initiatives accounted for $315 million in total expenditures in 1998.
In the United Kingdom, there are seven FTZs (Birmingham, Humberside, Liverpool, Prestwick,
Sheerness, Southampton, and Tilbury). Tariffs and import taxes are waived when items are held
in certain designated areas.

2.4. Challenges for UK-EU trade

There are certain challenges or hurdles in the trade between UK and EU such as customs, tariffs
and labour restrictions (Bloomberg, 2021)

2.4.1. A problem with customs

Since the UK voted to leave the European Union, the country's commerce with the EU has
decreased, due to the burden of additional customs paperwork and procedures (Archick, 2017)

2.4.2. Increased trade restrictions

According to forecasts from the Office for Budget Responsibility, the UK GDP would shrink by
roughly 1.5% by the year 2020. Economic activity was moved to the EU ahead of increasing

8
trade barriers, which caused a drop in corporate investment (Bloomberg, 2021). This shrinkage
of the UK economy due to trade restrictions is negatively impacting the country’s national
economy.

2.4.3. The difficulties faced by the workforce

The UK's labour market has been aggravated by the Brexit vote. More than 200,000 European
nationals will leave the UK in 2020 because of stricter immigration laws and the biggest
economic collapse in three centuries (Bloomberg, 2021). This has led to a labour shortage in
normally EU-dependent areas like hospitality and retail, leading to empty shelves.

The above challenges are worth mentioning which impedes the UK trade with the European
Union. In the below following lines an over view of the trade between and the UK and member
countries of the EU has been described.

2.4.4. Cultural issues

Culture is at times a barrier between two nations when pursuing international trade. In terms of
UK and EU trade it impedes the trade relationship (Srivastava, Singh & Dhir, 2020). Culture hurdles
in terms of language, values and customs affects the internationalization of the trade.

2.5. UK and EU trade

To the European Union, the UK exported £251 billion worth of products and services.
Approximately 42% of UK exports were made up of this. The below Fig.1 shows that more over
half of all UK imports came from the EU, which provided products and services worth £301
billion. A trade surplus of £54 billion with non-EU nations made up for the EU's -£49 billion
trade deficit. UK goods trade deficits with both EU and non-EU countries were -86% and 43%,
respectively, while service trade surpluses with both were 37% and 96 percent. The European
Union accounted for 47 percent of the UK's goods exports and 36 percent of its service exports.
The European Union contributed 53% of the UK's imported goods and 43% of its imported
services in 2012. Imports from the EU declined by £70 billion in 2020, while exports fell by £42
billion. From -£77 billion to -£49 billion, the UK's trade imbalance with the EU will shrink by
2020. On March 23, 2020, the United Kingdom initiated its first countrywide lockdown. The

9
percentage of UK exports to the EU declined by 17% between first and second quarter of 2020,
with imports from the EU decreasing by 26% over the same time (Ward, 2021). The above
statistics shows that trade between the UK and EU. The figures clearly depict that the
international trade among the UK and member states of the EU has a bumpy ride. Since 2020
the UK exports are decreasing due to COVID pandemic and the materializing of the Brexit
decision. Such description of the trade between the UK and EU is further elaborated in the
below following section where the UK automobile industry has been chosen as a specific case
to analyse. The automobile industry of the country is considered to be a key industry which
supporting the economy of the country through bringing billion dollars revenue to the country
in terms of export to the EU member countries.

Fig.1 Trade between UK and EU member countries

Source: ONS, Pink Book 2020

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Fig.2. UK trade with EU member states, 2020 (£ millions)

Exports Imports Balance

5,000

4,000

3,000

2,000

1,000

-1,000

-2,000
Goods Services Total

Source: Source: ONS, Pink Book 2020

2.6. UK automobile industry and the EU

Passenger automobiles manufactured in the United Kingdom are mostly sold to the European
Union. In 2020, 54.8 percent of the vehicles manufactured in the United Kingdom will be
exported to EU countries. During December of that year, the United Kingdom exported a total
of 13.6 billion British pounds to the European Union. The UK's trade deficit with the EU has
become worse in recent years as a result of the widening gap between exports and imports. A
total of 15.3 billion British pounds will be generated by the UK's automobile sector in 2020.
Since its high of 22 billion British pounds in 2016, the industry's income has been declining for
four years in a row. Due to a fall in manufacturing output, the economy's contribution has
decreased. There were little about 921,000 million passenger automobiles created in 2020 as a
result of the unique coronavirus epidemic. In comparison to last year's output, this was a

11
considerable drop in volume (Placek,2021). Between 2008 and 2020, the following data shows
the number of Jaguars sold in Germany. Sales of Jaguar automobiles in Germany continued to
rise, although with some fluctuation, over the time under review. During the first half of 2008,
Jaguar sold 3,915 automobiles in Germany, which dropped to 2,909 vehicles by the end of the
year. Jaguar sales in Germany increased steadily beginning in 2010 and peaked in 2018 at 9,500
units. Jaguar's sales volume fell to 6,9933 units last year. Here it is pertinent to mention that
Jaguar has the potential to capture the EU market however, there are certain factors which
should also be taken into account which arise due to the Brexit decision of the UK. In the below
lines a detailed analysis of the car manufacturing industry of the UK in the back drop of Brexit
has been given. Here it is worth noting that Brexit is impeding, to a great extent, the car
manufacturing industry of the UK. Although the UK government argues that Brexit would bring
prosperity to the whole economy including the car manufacturing industry however, certain
issue such as tariffs and non-tariffs barriers and labour mobility restrictions are some of the key
challenges that need deliberations by the UK government.

2.7. Brexit and Car Manufacturing Industry of the UK

The automobile Industry of UK is foreseeing negative impacts for the industry and the
overall economy. Automobile industry is the one of the largest export industries of the UK with
$ 30 billions in 2021 (Workman, 2021). After Brexit, several EU nations will no longer have
access to UK exports, which is hurting the industry's ability to compete on the international
stage. Even though the Covid epidemic disrupted commerce and closed marketplaces
throughout the globe, global automobile export sales hit £27 billion in 2020. There was total
trade income of £74 billion in the UK automotive industry, with more than 80% of British-built
automobiles and more than 60% of light commercial vehicles exported. Some of the European
peers may be less competitive in the UK because of the high costs associated with complying
with the new legislation. These costs include the time and materials required, as well as any
extra expenditures incurred throughout the transaction (Carroll & Topham, 2021). Even if the
UK government believes that Brexit is advantageous for the country for a variety of reasons,
including national border security and control, the retention and recruitment of competent

12
workers, the simplification of laws, and the restriction on the movement of undesirable workers
(HM government, 2022).

The government believes that it has regained control of national boundaries and halted free
migration. To replace the previous system, the government has implemented a points-based
immigration system that prioritises highly-skilled migrants and the greatest global talent. From
physicians and scientists to butchers and bricklayers, tens of thousands of employees have
arrived in the UK to help the economy recover from the Covid epidemic. In addition, it has
reestablished democratic authority over the legislative process. The Parliament has been
granted the authority to enact and review the laws that affect us. In addition, the UK Supreme
Court has been reinstated as the country's last adjudicator of the law. Now, the law of the
country is decided by UK judges sitting in UK courts, with decisions produced in English rather
than French and accessible to Welsh speakers. It is now more difficult for offenders from the
European Union to enter the United Kingdom. EU individuals condemned to more than a year
in prison will now be denied entrance to the United Kingdom, according to new rules.

Government officials were forced to let in a number of criminals from other countries because
of EU free movement. For EU offenders who aren't covered by that agreement, it claims to
have finally brought them up to par with other international criminals. In addition, most EU
citizens travelling to the UK will no longer be able to bring their ID cards with them. It's fairly
uncommon for ID cards to rank near or even below national passports in terms of level of
security while crossing borders. The above measures would help to filter out those workers
who are skilled and productive for the UK.

Although the UK government is arguing that Brexit has many prospects for UK than its demerits
however, Head and Mayer (2019) predict the effects of Brexit on car manufacturing plant
locations, production levels, and pricing for automobiles. Brexit has two major drawbacks for
their work:

First, the cost of shipping goods to other European countries rises owing to non-tariff and
maybe tariff restrictions. It is pertinent to mention that import tariff can be a source of revenue

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for a nation (Cavusgil, Knight & Riesenberger, 2019). Second, the cost of coordination between
headquarters and local manufacturing units rises as a result. Migration constraints may make it
more difficult to move skilled employees inside the company (Raza, AFRIDI & Khan, 2017).
Engineering, R&D, and consultation services may be more difficult if they are subject to
different regulatory requirements. However, this argument is countered by the government
that such costs are trivial and can be overcome as the Brexit also enables the UK government to
levi its own tariffs. As with the implementation of new UK Global Tariff, the UK has made it
more targeted to the requirements of the British economy by using pounds instead of euros.
Nearly 6,000 tariff lines were reduced and simplified, resulting in decreased administrative
expenses for enterprises, the elimination of tens of thousands of tariff variants on items, and an
expansion of tariff-free trade (HM government, 2022). The government is of the view that
applying the levi and tariff on imports would help the UK origin products competitive and nullify
the effect of tariffs applied by the EU.

3. Conclusion and recommendations

3.1. Conclusion

Reginal trade integration is utmost important for countries to excel so far their economic and
human development, national progress and economic sustainability is concerned. Countries
across the globe engage in business and trade activities through for reaping benefits from the
each other strengths. This trade integration as economic bloc, Free Trade Agreements are
beneficial if the positive outcomes of such associations are reached to the masses of the
partner countries. The current assignment aims to critically assess the internal political
landscape of the United Kingdom and its political environment on the foreign business.
European Union (EU) as a regional trading block has been analysed that how the UK
government keeps the business ties with the European union for supporting and strengthening
its business and which challenges the UK faces during the business with the EU. The jaguar Land
Rover as a brand and the automobile industry of the UK has been selected for evaluating the

14
political environmental effects on its exports and imports to the EU. It has been concluded that
the UK has enjoyed from the EU trading black in terms of a single market for its automobile
however, it has opted Brexit owing to certain issues which affect the national economy of the
UK such as trade restrictions, regulations and labour issues.

3.2. Recommendations

In the light of the above discussion certain recommendations are given below which may serve
as policy guidelines for the betterment of the international trade of the UK. Although these
recommendations need to deliberated by the UK government for its implementation in order to
get benefits out of it.

i. Although the UK government keeping in public opinion and national interests has
chosen an exit from the EU and decided to leave the trading bloc however, it should
deliberate upon the issues and concerns of the national manufacturers such as Jaguar
which export to EU and bringing billions of dollars to the national treasury. Instead of
completely closing the door of negotiations the government should also takes the
concerns of the exports into account. The tariffs and trade restrictions which are faced
by the UK automobile industry by the EU should be in considerations of the
government. Besides, the availability of cheap and skilled labour which was abundant
and available for the UK market before Brexit may also give be noticed on strategic
level. As human capital is a significant driver for today’s knowledge and technology
driven economy hence, its free mobility and ample availability may also be ensured by
the government. Restrictions of free mobility of skilled, talented and cheap labour may
cause a shortfall in the UK economy. Such scarcity if maintains deprived a country of its
human capital in one way and restricted the flow of human capital in other way.
Although the government is of staunch supporter of Brexit and considers the harms
which the economy may feel in the aftermath of this economic withdrawal as trivial
however, still Brexit may affect the UK economy in long run. It is pertinent to mention

15
 that being a larger trading partner EU is supporting the UK’s economy in terms of
balance of trade.

ii. It is further suggested that issue of value chain and supply chain, costs of time and
human resources are also be taken into account by UK government before finalizing the
Brexit deal. Moreover, the challenge of non-tariff and tariff barriers should also be taken
with the EU authorities in order to protect the local British automobile manufactures
and exporters as such barriers or trade restrictions might affect the export of the
automobiles to EU which contributing a larger chunk to the annual GDP of the UK.
Although the UK government to have a tariff for different products in post Brexit
arrangements however, still is advised to the government to play its due role while
negotiating with the EU for supporting its economy.

iii. The government should also make strategies and chalk out policies for cost minimization
of the local industries for producing cost efficient products. This would help to counter
the tariffs applied by the EU without increasing the prices of the automobiles.

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